Bank Nifty Technical Outlook for 17 June, 13

Bank Nifty Daily Chart as on 14 June’13 – 11922.85 (+236.10)

Bank Nifty Daily Chart as on 14 June’13 – 11922.85 (+236.10)

Bank Nifty Weekly Chart as on 14 June’13 – 11922.85 (-308.65)

Bank Nifty Weekly Chart as on 14 June’13 – 11922.85 (-308.65)

From the beginning of the last week, Bank Nifty started to tumble down; on Monday it closed above 12070, but from Tuesday morning it was clear that Bank Nifty has to fall. But on Wednesday and Thursday, Bank Nifty moved in a very narrow range with very small real body, which was indicative that bears are still struggling, or bulls have hope of support from its 200 Day Moving Average. Whatever it may be two days of indecision has given good chance for reversal.

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